Chicago homebuyers head to Bronzeville for more space
Since late July, homes that sold for $500K-$750K averaged 3.6K sf
In Chicago, homebuyers looking for more space have been heading to Bronzeville.
Demand for properties in the neighborhood — which was high before the pandemic — has grown in the months since, according to Crain’s.
Since late July, the average size of a Bronzeville home that sold for $500,000 to $750,000 was 3,600 square feet, Crain’s reported. That topped the 2,850 square feet in Bridgeport, 2,400 in Hyde Park and 2,000 in Lakeview, according to the report.
The area has become increasingly popular over the last year.
Eighty four homes sold in Bronzeville for $500,000 or more in the 12 months ending Sept. 23. That was a 43 percent jump from the 59 homes that sold over the previous 12 months. Most of the sales were for new construction homes or rehabs of 19th- and early 20th-century properties in the historic South Side.
Bronzeville’s popularity has also seen an uptick — investors included — as plans continue for the megaproject at the sprawling Michael Reese site. The surge comes as overall home sales and prices in the Chicago area saw big gains in August. Across nine counties, 13,360 homes sold last month. In Chicago alone, 2,813 homes sold, up 8.2 percent from 2019. [Crain’s] — Akiko Matsuda
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